Title 14, Local Government

Bonds and notes issued under the provisions of this subchapter and the income thereon shall be exempt from all state, county, and municipal taxes, including, without limitation, all income, property, and inheritance taxes.

(a) When bonds are to be issued for more than one (1) purpose the principal amount of bonds applicable to each purpose shall be stated on the ballot as a separate question and no bonds shall be issued for such purpose unless a majority of the electors voting on each separate ques…

(a) If the issuance of bonds is authorized in accordance with the provisions of this subchapter, a municipality or county is authorized to obtain interim financing pending the delivery of all or any part of the bonds from such sources and upon such terms as the municipality or th…

(a) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to Arkansas Constitution, Amendment 62, or prior amendments to the Arkansas Constitution repealed by Arkansas Constitution, Amendment 62. (b) (1) The refunding bonds m…

It is the express intent of the General Assembly that any tax levied under the authority of this subchapter by a municipality or county to finance capital improvements of a public nature or economic development projects shall not constitute revenues of the state within the meanin…

(a) Any municipality levying a tax upon the gross receipts of hotel and motel accommodations or upon the gross receipts of restaurants, cafes, cafeterias, and similar establishments is authorized to pledge all or a specified portion of the receipts of such tax to the retirement o…

(a) (1) In lieu of or in addition to the levying of an ad valorem tax to retire bonds for capital improvements or for financing economic development projects, the legislative body of a municipality or county may adopt an ordinance levying a local sales and use tax in the amount o…

(a) (1) (A) On the date of adoption of an ordinance levying a local sales and use tax or taxes to retire the bonds for capital improvements or economic development projects, or within thirty (30) days following the adoption of the ordinance, the municipality or county shall provi…

(a) The levy of a local sales and use tax shall not be effective until after the election has been held and the issuance of bonds has been approved by the voters and the Secretary of the Department of Finance and Administration has been given ninety (90) days' notice. (b) In orde…

As soon as is feasible and no later than ten (10) days following each of the events set forth in the ordinance with reference to the procedure for the adoption or abolition of the local sales and use tax and the effective dates of the action, the clerk shall notify the Secretary …

If a municipality in which a local sales and use tax has been imposed in the manner provided for in this subchapter changes or alters its boundaries, any tax imposed under this subchapter shall be effective in the added territory or abolished in the detached territory on the firs…

(a) Any moneys collected under this subchapter by the director acting as agent for any municipality or county which, as indicated by a certified copy of an ordinance of the municipality or county previously filed with the director and the State Treasurer, are pledged to secure th…

(a) (1) A sales and use tax levied pursuant to the authority granted by this subchapter shall be administered and collected subject to the provisions of § 26-74-212 or § 26-75-216, whichever shall be applicable.(2) (A) The Secretary of the Department of Finance and Administration…

(a) Any sales and use tax levied pursuant to this subchapter shall be levied and collected only on the first two thousand five hundred dollars ($2,500) of gross receipts, gross proceeds, or sales price on the sale of:(1) Motor vehicles;(2) Aircraft;(3) Watercraft;(4) Modular home…

Vendors collecting, reporting, and remitting such sales and use taxes shall show sales taxes as a separate entry on the tax report form filed with the director.

(a) There is created a trust fund for the remittance of local sales and use taxes collected under this subchapter which shall be known as “the Local Sales and Use Tax Trust Fund,” which trust fund shall be held apart from the State Treasury by the Treasurer of State and shall be …

(a) In any municipality or county which has in effect the levy of a local sales and use tax, the legislative body may, by ordinance, pledge all or a specified portion of the existing tax to retire its bonds as provided in this subchapter. (b) (1) No pledge of an existing local sa…

(a) If a legislative body determines that a sales and use tax of one percent (1%) or less authorized by § 14-164-327 would, if levied for no longer than twenty-four (24) months, produce sufficient revenue to finance capital improvements of a public nature without resorting to a b…

(a) (1) A municipality levying a local sales and use tax under § 26-73-113, § 26-75-201 et seq., or § 26-75-301 et seq. may pledge, simultaneously with the levy, all or a specified portion of the tax to retire bonds for capital improvements or economic development projects.(2) Th…

(a) In addition to the options provided for by § 14-164-338 for financing capital improvements of a public nature, if a legislative body determines that a sales and use tax of one percent (1%) or less authorized by § 14-164-327 would, if levied for no longer than thirty-six (36) …

(a) The governing body of a municipality or county may pledge by ordinance all or a specified portion of the municipality's or county's share of collections of the following to retire bonds issued for a surface transportation project:(1) The temporary one-half percent (½%) sales …

(a) The governing body of a municipality or county may pledge by ordinance all or a specified portion of the municipality's or county's share of collections of the net casino gaming receipts tax levied under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Ame…

This subchapter shall be referred to and may be cited as the “Local Government Capital Improvement Revenue Bond Act of 1985.”

(1) As used in this subchapter:(1) “Bonds” means revenue bonds issued pursuant to this subchapter;(2) “Capital improvements” means any of the following:(A) City or town halls, courthouses, and administrative, executive, or other public offices;(B) Court facilities;(C) Jails;(D) P…

This subchapter shall be construed liberally to effectuate the legislative intent and the purposes of this subchapter as complete and independent authority for the performance of each and every act and thing herein authorized and all powers granted in this subchapter shall be bro…

It is the specific intent of this subchapter that the provisions hereof are supplemental to other constitutional or statutory provisions which may provide for the financing of capital improvements.

(a) Municipalities and counties are authorized to issue bonds for capital improvements and performance-based efficiency projects within, near, or within and near the municipality or county. These bonds shall be issued pursuant to an ordinance adopted by the legislative body speci…

(a) As the ordinance or trust indenture which is authorized in this subchapter may provide, the bonds may:(1) Be in registered or other form;(2) Be in such denominations;(3) Be exchangeable for bonds of another denomination;(4) Be made payable at such places within or without the…

(a) The ordinance authorizing the bonds may provide for the execution by the chief executive officer of the issuer of a trust indenture which defines the rights of the owners of the bonds and provides for the appointment of a trustee for the owners of the bonds. (b) The trust ind…

It shall be plainly stated on the face of each bond that the bond has been issued under the provisions of this subchapter and that it does not constitute an indebtedness of the issuer within any constitutional or statutory limitation.

The bonds may be sold at public or private sale for such price, including, without limitation, sale at a discount, and in such manner as the legislative body of the issuer may determine.

The bonds shall be executed in the manner provided by the Registered Public Obligations Act of Arkansas, § 19-6-401 et seq., as that act may be amended.

(a) The principal of and interest on the revenue bonds issued pursuant to this section and § 14-164-402 shall be secured by a pledge of, and shall be payable from, revenues, as defined in § 14-164-402. (b) Notwithstanding any provision of Arkansas law including, but not limited, …

(a) The ordinance or trust indenture authorized in §§ 14-164-405 or 14-164-407 may, but need not, impose a foreclosureable mortgage lien upon the capital improvements financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter. (b) The nat…

The bonds issued under this subchapter shall not be general obligations of the issuer, but shall be special obligations, and in no event shall the bonds constitute an indebtedness of the issuer within the meaning of any constitutional or statutory limitation.

No officer, employee, or member of the legislative body of the issuer shall be personally liable on any bonds issued under the provisions of this subchapter or for any damages sustained by any person in connection with any contracts entered into to carry out the purposes and inte…

There may be successive bond issues for the purpose of financing the same capital improvements.

Bonds issued under the provisions of this subchapter and the income thereon shall be exempt from all state, county, and municipal taxes, including, without limitation, all income, property, and inheritance taxes.

Nothing contained in this subchapter shall be deemed to be a restriction or limitation upon alternative means of financing previously available or hereafter made available to municipalities or counties for the purposes set forth in this subchapter.

(a) Bonds may be issued under this subchapter to refund any outstanding bonds issued pursuant to this subchapter or to refund any outstanding bonds, whether revenue bonds or not, issued pursuant to any other law for the purpose of financing capital improvements or a performance-b…

(a) All services provided by a qualified efficiency engineer in completing a performance-based efficiency project pursuant to a qualified efficiency contract, including, but not limited to, the procurement of any goods and services in connection with the performance-based efficie…

This subchapter shall be referred to and may be cited as the “Economic and Industrial Development Revenue Bond Law of 1985.”

(1) It is found and declared by the General Assembly of the State of Arkansas that:(1) (A) This state's program for industrial and economic development and the financing thereof is inadequate; and(B) As a result, there are inadequate opportunities for employment of its inhabitant…

(a) This subchapter is enacted by the General Assembly in the exercise of its inherent powers under Arkansas Constitution, Amendment 7, § 1 and not under any other express constitutional provision. (b) This subchapter is intended to supplement all other law which is designed to s…

(1) As used in this subchapter, unless the context otherwise requires:(1) “County” means a county of this state, or where a county is divided into two (2) districts the term “county” shall mean the entire county or either district of the county, in order that either district of a…

(a) This subchapter shall be liberally construed to accomplish its purposes. (b) (1) This subchapter shall constitute the sole authority for the accomplishment of the purposes of this subchapter, separate and independent of any other act or constitutional provision pertaining to …